Today's analysis While changing the broader sentiment is still a dream scenario for Buyers, the Uniswap, Litecoin and Bitcoin short term technical indicators provide a slight buying bias.
Uniswap retreated from its immediate supply zone while Litecoin surged above the 20/50/200 SMA. NEAR managed to reach its milestone on January 15th and formed a bullish divergence with its RSI. However, it still requires sufficient volume to maintain its lead
After the price of $16.69 showed strong resistance, the rising wedge broke down to test the Point of Control (red) several times. The January sell-off saw an engulfing red candlestick that pushed the more than 26% retracement to a three-week low on January 8.
As a result, it fell below the Point of Control (red) and marked a descending channel (white) on its 4-hour chart. Over the past week, alt has seen a double-bottom pattern on its 4-hour chart. As a result, it broke but again reversed from the $18 supply zone.
At the moment, to prevent further declines, buyers should maintain the $16.6 mark near the intersection of the 20/200 SMA.
At press time, alt is trading at $16.94. The RSI hit a record high of 77.9 on January 16 before plunging sharply towards the midline. It aims to retest the midline before committing to a trend.
While changing the broader sentiment is still a dream scenario for buyers, the short term technical indicators Uniswap, Litecoin and NEAR provide a slight buying bias.
Uniswap retreated from its immediate supply zone while Litecoin surged above the 20/50/200 SMA. NEAR managed to reach its milestone on January 15th and formed a bullish divergence with its RSI. However, it still requires sufficient volume to maintain its lead.
Uniswap (UNI)
Source: TradingView, UNI/USDT
After the $19.89 level showed strong resistance, the rising wedge broke down to test the Point of Control (red) several times. The January 5 sell-off saw an engulfing red candlestick that pushed the more than 26% retracement to a three-week low on January 8.
As a result, it fell below the Point of Control (red) and marked a descending channel (white) on its 4-hour chart. Over the past week, alt has seen a double-bottom pattern on its 4-hour chart. As a result, it broke but again reversed from the $18 supply zone.
Now, to prevent further declines, buyers should maintain the $16.6 mark near the intersection of the 20/200 SMA.
At press time, alt is trading at $16.94. The RSI hit a record high of 77.9 on January 16 before plunging sharply towards the midline. It aims to retest the midline before committing to a trend.
Litecoins (LTC)
Source: marketcap, LTC/USDT
LTC managed to bounce back in the ascending channel and reclaim an oscillating range between $167 and $143. The altcoin is seeing a 25.7% ROI (from a five-month low on Jan. 10) as of press time. Meanwhile, the bulls managed to reverse $143 vital resistance as support.
With this jump, LTC is above the 20/50/200 SMA. At press time, LTC is trading at $151.4.
The RSI is heading to test overbought territory for the third time in the last five days. This indicates a one-sided bullish preference. Further, the DMI reaffirms its bullish strength. But ADX shows a weak directional trend for alt
